As bitcoin (BTC-USD) and Ethereum (ETH-USD) move closer to the all-time high, many analysts are bullish that major cryptocurrencies, as well as the crypto space as a whole, can continue to grow rapidly with their rise in the remainder of the period. . year. And according to Blockchain.com founder Peter Smith, 2022 will see more competition coming from the industry.
“It’s very difficult to lose money in crypto last year,” Smith said. “Some people have been able to do it, but it is very difficult. And so we’re going to get into a tough, very competitive situation, I think, next year. And that will be very good in the market because it will start to distinguish right from wrong. ”
Smith discussed his vision for the upcoming crypto industry next year. The conference featured discussions and big names in crypto to talk about investing, mass acceptance, NFT collection, and how to get started.
As for what the competition in 2022 might look like, Smith believes the market will likely begin to draw on crypto platforms that see much higher growth in terms of usage rather than just an investment perspective. These variables will separate “compression machines” from crypto platforms with “real value for technology,”.
Smith pointed out how institutions are starting to look beyond Ethereum and bitcoin.
“So we see the volume and flow outside of Ethereum and bitcoin in our institutional business today, which is really interesting,” Smith said. “And [it] happened much faster than we could have imagined. That will affect prices. ”
Indeed, some players with large Defi applications are slowly entering the scene. For example, Solana (SOL1-USD) has increased in value since the beginning of 2021 as the market enjoys blockchain performance. Originally referred to as the “Ethereum killer,” although experts have begun to question the moniker over time, it remains among the top cryptocurrencies with the market cap due to its user-friendly component.
He also expects a certain level of separation to occur within the crypto market.
Right now everything in the trade is very interconnected, So you have this happiness in space, and you trade. And there may be a slight difference between this asset and that asset on any given day, but everything is usually trading … And I think that is a change in the market you will see next year – it is a kind of division between this asset class.
Javier Niskanen is a crypto investor who is passionate about helping others achieve success. He has a background in computer science and has been involved in the crypto world since early 2017. Javier is excited to see how blockchain technology will change the world for the better.